Seatrium To Achieve >S$50M in Operational Cost SavingsThrough Non-Core Asset Divestments By Early 2026

Singapore, 23 February 2026 – Seatrium Limited (“Seatrium”, or the “Group”) wishes to
announce a series of additional divestments, as well as update on an earlier transaction, as
part of its ongoing efforts to rationalise non-core assets, streamline operations, and drive
long-term value for shareholders.

Alongside recent divestments of the AmFELS yard in Texas and the GNL Platform Supply
Vessels disclosed in 20251, the Group expects to collectively achieve over S$50 million of
annualised operational cost savings to be recognised post completion. All transactions are
expected to complete by early-2026.

These divestments represent an acceleration in Seatrium’s asset portfolio optimisation
strategy, optimising the Group’s cost structure, enhancing asset utilisation, and sharpening
its competitive edge. With a streamlined portfolio and a strategic global footprint of yards,
engineering & technology centres and facilities, Seatrium is well-positioned to operate with
greater agility, capture emerging opportunities, and deliver sustainable long-term value to
stakeholders.

Moving forward, the Group has earmarked additional non-core assets for divestments, and
will continue to evaluate further opportunities to streamline its business and optimise its cost
structure for long-term resilience.

Divestment of Tugboat Fleet
In January 2026, the Group divested a fleet of 17 tugboats in Singapore for S$104 million.
This asset sale, executed through Seatrium’s subsidiary Seatrium Marine Services Pte. Ltd.,
follows a binding purchase agreement signed on 29 January 2026 with KST Maritime Pte.
Ltd. and its affiliate, Maju Maritime Pte. Ltd. – both unrelated third parties and providers of
tugboat towage services. This accretive divestment streamlines operations and allows
management to refocus on core businesses.

Seatrium has concurrently entered into a towage services agreement with KST Maritime for
the provision of tugboat towage services to Seatrium’s Singapore-based shipyards. This
ensures continuity of such towage requirements and enables towage costs to evolve to an
outsourcing model that is expected to offer long-term cost efficiencies. The sale is targeted
to complete by 1Q2026.

Divestment of Can-Do 2 Floating Dock
In January 2026, the Group also sold its Can-Do 2 floating dock, a non-core asset that was
moored in Crescent Yard, for about S$16.9 million. This asset sale that will be fully satisfied
in cash is executed through Seatrium’s subsidiary Seatrium New Energy Limited, and follows
1 AmFELS announcements dated 23 September 2023 and 2 February 2026. GNL divestment announcement dated 3
November 2025.
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a binding agreement signed on 30 January 2026 with Winter Park Trading – F.Z.E, an
unrelated third party, to scrap the floating dock and recycle its components.
Upon the completion of the sale, targeted by 1Q2026, the Group will realise savings from
elimination of vessel-related licence fees, insurance and other operating expenses.

Divestment of Karimun Yard
In December 2025, the Group divested its Karimun Yard located on Karimun Island,
Indonesia, for S$22 million. This divestment, executed through Seatrium’s subsidiary, PT
Karimun Sembawang Shipyard, follows a binding agreement on 31 December 2025 with PT
Tirta Segar Alami, a related party of the Salim Group. This accretive divestment will enhance
capital and operational efficiencies while unlocking value from another surplus facility2
.
This divestment centralises Seatrium’s yard footprint in Indonesia within its larger yard on
Batam island, which remains a strategic facility in supporting the Group’s operational needs
across the region.
The consideration was agreed after arm’s length negotiations and will be satisfied in cash.
The divested assets, sold on an “as is, where is” basis, have previously been fully written
down. Completion is expected by 1Q2026, subject to customary closing conditions.

Majority of Karimun Yard’s land leases will expire in September 2026, and operational
activities have tapered down in recent years. The Group has relocated ongoing works to
nearby facilities, ensuring a smooth and responsible transition for customers and partners.

Completion of Crescent Yard Divestment
Seatrium is expected to complete the divestment of its Crescent Yard in Singapore for a cash
consideration of S$12.5 million by 1Q2026, following the exercise of an option to purchase granted to Mooreast Holdings Ltd. in June 2024.